Does a longer loan term always cost more?

Usually yes in total interest paid, even though the monthly payment is lower — compare total repayment, not just the monthly amount.

Car Loan Calculator

Calculate monthly car loan payments

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (years)

$495.03

Estimated monthly payment

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
where P = loan amount, r = monthly interest rate, n = number of payments

Example 1

P=25000, rate=7%, term=60 months

Monthly payment ≈ $495.03

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